Invoice Factoring British Columbia
BC Business Financing Services
Due to the leading economic foundation of Canada, Express Business Funding has been able to establish itself as a leading business financier in British Columbia. Due to our proximity to thousands of new and growing companies, we are able to provide flexible financing solutions tailored to specific business needs. Express Business Funding is recognized as the premier choice, amongst many other invoice factoring companies in Vancouver. The economy in BC is one of the most energetic in Canada. Vancouver is the nation’s gateway to the Pacific Rim, a major port, and the main western terminus of transcontinental highway and rail routes. Major economic sectors include trade, film, natural resources, technology and tourism. British Columbia is home to headquarters of forest products and mining companies.
In recent years, Vancouver has expanded as a center for software development and biotechnology, while film studios and the streets provide a backdrop for the developing film industry. Two of BC’s ports and container docks are located in Vancouver. The Fraser river has barge and log traffic serving forestry and other water related industries. Around 1,800 acres (7.3 km2) of industrial land provide an important range of support services, manufacturing and wholesale premises for businesses throughout the city and region.
What Are Receivable Financing Services?
Invoice factoring services are the process in which a firm sells an invoice which is due to them in the future to a vendor, who pays them money for that bill today. The process is similar to a cash advance; it is designed to assist new or growing businesses create predictable cash flow.
Here is how it works. Let’ assume you own a temporary staffing company which has provided $50,000 of staffing services to XYZ Manufacturing. The payment term for this $50,000 invoice is net 45 days, meaning XYZ Manufacturing has 45 days from the date the invoice is issued, to pay the full bill amount.
It is now your busiest time of year and you are growing rapidly. You are short on the cash needed to pay your growing number employees and just can’t wait 45 days (or potentially longer) to receive the money from XYZ Manufacturing. If you were to work with a factoring company in Vancouver, they will purchase the bill the day it is created and advance you the money you need now. The vendor would advance you (for example) 80% of the invoice now. You can use those funds to pay your employees and cover off other obligations. When XYZ Manufacturing pay the bill in full, the vendor remits to you the 20% balance (minus the fee earned for providing the service). In return for the initial advanced payment you assign the bill and debt owed by XYZ Manufacturing to the factor.
Best Factoring Company in Vancouver, BC
Choosing the right financing solution is certainly one of the largest considerations. However, it is important to select the right vendor who offers options that suit your particular needs. Express Business Funding doesn’t tie companies into lengthy contracts that take away control from you. We leave control with you and provide you with optional resources at no additional cost that allow you to focus on business growth instead of your accounts receivables.
Thanks to our long standing relationship with businesses like you, we are the premier Vancouver invoice factoring company. We have been recognized for the innovative services we provide to Vancouver businesses and throughout Canada. When you choose to work with a trusted and innovative invoice factoring company in Vancouver, such as Express Business Funding, your business receives numerous benefits focused on helping you grow your business.
How To Get Started?
We offer rates from just 1.49%, a fast 24 hour funding process and online platform to manage your financing. Express Business Funding can also guide you and your business in risk management, cost reduction, building supplier confidence while providing you with the business funding you need to keep up with growth.
Fill in the form or give us a call. Find out how our specialized business funding products can fuel your cash flow without going into debt. If you decide to complete an application form (click here), Express Business Funding can provide you with funding approval within 24 hours. Once you have been approved, all you have to do is send the bills you would like to finance. It’s Fast, Easy and Affordable!